Sebi gets seven complaints against companies looking to delist

New Delhi: Capital market regulator Sebi has received seven complaints against companies looking to delist from stock exchanges and has initiated appropriate action against these firms, the Parliament was informed on Friday.

Besides, Securities and Exchange Board of India (Sebi) has also dealt with cases related to delisting of Astrazeneca Pharma and Cable Corporation of India.

"Sebi has informed that it has received seven complaints against companies which have started the process of delisting," Minister of State for Finance Jayant Sinha said in a written reply to the Lok Sabha.

"Appropriate actions wherever applicable have been initiated by Sebi," it added. Sinha also said that following concerns from various stakeholders including stock exchanges, market participantsand industry representatives, the Sebi Board last month had approved certain proposals to make delisting process more effective.

The proposals among others, includes conditions for the delisting to be successful, the process of determination of offer price through reverse book building process, reducing timeline for completing the delisting process, he said.